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Trackinsight: Bitcoin closing in on record high on hopes of US Bitcoin ETF approval

10/12/2021 | 10:15am EST

Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader cryptocurrency sector.

Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader cryptocurrency sector and few thousands of dollars closer to its record high of $65,000, hit last April. The surge could be linked to U.S. Securities and Exchange Commission (SEC) recent actions related to Bitcoin exchange-traded-funds (ETFs)

Recently, the SEC has extended its review of application of four Bitcoin ETFs application from Global X, Kryptcoin, Valkyrie and WisdomTree by 45 to 60 days but have recently approved an ETF that aims to provide investors with exposure to publicly traded companies with exposure to bitcoin, the Volt Crypto Industry Revolution and Tech ETF (BTCR).

According to a prospectus filed Oct. 1, BTCR ETF will track the performance of “Bitcoin Industry Revolution Companies”, which are publicly listed companies that either hold a majority of their net assets in bitcoin, like MicroStrategy, or that make a majority of their profits through mining or building mining equipment, like Marathon Digital Holdings.

Bitcoin traders are hoping the SEC will finally approve a US Bitcoin ETF and join the Northern neighbor Canada, who already approved the first Bitcoin ETF in February, the  Purpose Bitcoin ETF (BTCC), and have accepted several since then like Ninepoint Bitcoin ETF, Horizons Bitcoin ETF (HBIT) and CI Galaxy Bitcoin ETF (BTCX.B).

Find and compare over 7,000 ETFs with our free tools:


ę www.trackinsight.com 2021
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